Average profits rise at Scottish law firms
Profits at Scotland’s law firms are rising for the first time since the global finaincial crisis, with the average profit per equity partner across all sizes of firm rising from £64,000 in 2010 to £71,000 in 2011. While the figures do not match the bumper profits 2008, when partners were taking home and average of £104,000, the growth will be welcomed by law firm leaders.
Despite the growing average, however, the good fortune is not evenly distributed across the industry, and many small law firms with between 1 and four partners are continuing to suffer. And industry observers point out that some of the profit growth in medium-sized firms is attributable to firms cutting partners.
These latest figures are reported in a report compiled by the Law Society of Scotland. Lorna Jack, chief executive of the Law Society, said: “The report’s authors predict that the economic conditions will continue to prove difficult for solicitors throughout 2012. The legal services sector will remain highly competitive with clients continually pushing to get more for less, particularly in the current economic climate.”
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